This beat the previous high set at the start of August, when stockpiles topped 6.42 million tonnes.

Gasoline, naphtha, gasoil and jet fuel inventories all rose as European refineries continued to run hard to take advantage of strong margins, while contango market structures for naphtha, gasoil and jet fuel also incentivised storage.

Gasoil inventories, which include diesel, rose by almost 4 percent to 3.38 million tonnes, whilst gasoline stocks edged up by 1.3 percent to just over 1 million tonnes.

The week has not been particularly busy for incoming cargoes, but the persistence of low water levels along the Rhine and Danube rivers has led to high freight rates, keeping refined products in the ARA hub.

“It’s preventing transport,” said PJK’s Patrick Kulsen, adding that demand for storage tank capacity was so high there were reports of congestion at some tank terminals.

“Everything is booked out,” he said. “The barges are not always able to discharge.”

Read more on the economics, drivers and market trends of the ARA tank storage market in our Knowledge center.

Weekly ARA stocks (in ‘000 tonnes)

27/08/2015

20/08/2015

28/08/2014

Gasoline

1,001

988

811

Naphtha

332

311

239

Gasoil

3,381

3,251

2,752

Fuel oil

998

1,036

583

Jet fuel

761

738

384

Incoming cargoes

Outgoing cargoes

Gasoline

Finland, France, Russia, UK

Brazil, Denmark, Puerto Rico, Mexico, USA

Naphtha

Portugal, Russia, UK

None

Gasoil

South Africa, Sweden, USA

Spain

Fuel oil

Germany, Russia

VLCC departing for Singapore on Aug. 31

Jet fuel

Saudi Arabia, South Korea

None

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